Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Six
Months
Ended Years Ended December 31
June 30, -------------------------------------------
1996 1995 1994 1993 1992 1991
---- ---- ---- ---- ---- ----
Income (loss) from continuing
operations before income taxes $(12.3) $(781.1) $ 14.6 $370.9 $301.3 $(1,425.6)
Add (deduct) share of loss (income)
of associated companies (11.2) 5.0 16.6 14.5 3.2 (6.5)
------ ------- ------- ------ ------ ---------
Subtotal (23.5) (776.1) 31.2 385.4 304.5 (1,432.1)
------ ------- ------- ------ ------ ---------
Interest expense (net of interest
capitalized) 118.8 202.1 203.7 241.7 340.6 407.6
Amortization of debt issuance
expenses 2.9 5.1 6.2 6.6 4.8 1.8
Portion of rental expense
representative of interest 32.6 65.3 65.0 70.5 78.8 80.9
------ ------- ------- ------ ------ ---------
Total Fixed Charges 154.3 272.5 274.9 318.8 424.2 490.3
------ ------- ------- ------ ------ ---------
Earnings (loss) from continuing
operations before income taxes
and fixed charges $(130.8) $(503.6) $306.1 $704.2 $728.7 $ (941.8)
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Ratio of earnings to fixed charges (a) (a) 1.11 2.21 1.72 (a)
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<FN>
(a) Earnings for the six months ended June 30, 1996 and for the years ended December 31, 1995
and 1991 were inadequate to cover fixed charges by approximately $23.5 million, $776.1
million and $1,432.1 million, respectively.